The Federal Housing Administration (FHA) announces new loan limits for 2021. The loan limits are based on the conforming loan limit, which is the maximum mortgage Fannie Mae and Freddie Mac will
FHA Announces New Loan Limits for 2021
Dated: December 27 2020
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The Federal Housing Administration (FHA) announces new loan limits for 2021. The loan limits are based on the conforming loan limit, which is the maximum mortgage Fannie Mae and Freddie Mac will purchase in 2021, as well as by applying a factor of 115% to the area median sales price. So, with a 2020 metro-Atlanta median sales price of $359K for a single-family home, and applying a factor of 115%, the FHA loan limit is $412,850.
See the table for the loan limits of various housing types for DeKalb, Fulton, and Gwinnett counties. They represent a 2.9% increase over 2020, based on the related metropolitan statistical area (MSA) median sale price increasing 2.9% to $359K. Additionally, the table shows your purchasing power by showing the corresponding selling price, assuming a 3.5% down payment.
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